“Fondi sanitari integrativi tra gestione del rischio e risparmio”

This paper analyses the regulatory framework underlying the Italian industry of private health funds, focusing on the perspective that a reform will correct certain market failures, and then improve the social impact of their action. In this perspective, we will investigate the legal structure of the ‘Fondi integrativi del servizio sanitario nazionale’ (ex art. 9, legislative decree 502 of 1992), by considering that these funds can afford additional health cares (to the standard ones provided by the public service). This leads to the definition of two sets of (fundamental or supplementary) kinds of cares, linked to human dignity or to wellbeing of people. Undoubtedly, this possibility (of supplementary cares) requires raising capital from the funds’ participants and, consequently, their safe and sound management, under an efficient regulatory framework. Our analysis shows that a special form of saving is managed by these health funds. We reach, then, the conclusion that a public intervention is required to regulate the procedures for the constitution of the fund, the relations with participants, the policies of asset management, and the internal decision making processes. To summarize, the compliance of these funds (together with the proper performing of their internal audit and risk management functions) requires specific legal innovations, under advanced systems of governance and public supervision.